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If you’re planning on opening up a business, then you’ll need to know what kind of market you want to enter into and fully understand it. Your success will be determined as to whether or not you understand the current marketing situation and how your business will adapt to it.

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That’s why you will need to conduct a market analysis in order for you to get all of the information you need. This article will teach you all that you need to know in regards to how you should go about in doing the analysis and how you can use it to help you.

Elements of a Market Analysis

If you’re going to start doing a market analysis, then there are a few elements that you’ll need to be aware of. They’re what you’ll need to fully understand the market that your business is going to enter. The elements of market analysis are the following:

1. Market Size: It is important for every business to grasp the size of the market they’re in. This is to know just how many customers there are, the different types, the number of competitors that are potential threats and so on.

2. Market Trends: These would be the products and services that are currently in demand by the majority of the people within a particular market. This can either be beneficial or threatening to the business as there’s the possibility that current trend is an alternative to whatever your business is selling. It’s best for you to do a trend analysis so that you’ll stay on top of what’s popular and what isn’t.

3. Market Growth Rate: You’ll want to know the growth rate of the market you’re in so that you’ll know if whether or not it’s one that you should enter. A market that has the potential to keep growing is one that’s full of opportunities that you could potentially take advantage of. A market that has no room for growth is something that you should avoid entirely as you’ll find it very difficult to find success should you enter it.

4. Distribution Channels: Businesses must understand the distribution channels available to them so that they’re able to get their products to their customers. You’ll want to look into all the possible distribution channels and look into the ones that your competition has yet to make use of.

5. Competitors: This is something that you’ll definitely have to look into as knowing your competitors will help your business out. Do a competitor analysis to figure out things like what their strategies are, the products and services they’re selling, how they’re marketing their brands and so on.

Market Analysis Report Template

Free Market Analysis Example

How to Make a Market Analysis

1. Learn to access Google Docs: If you’re going to make a document that’s meant to hold the results of your market analysis, then you’ll want to make use of Google Docs. Know that before you can actually use it, you’ll need to have a Google account first; you can obtain one by simply registering for it via Google’s main site. Once you have one, then you’ll need to do the following:

Log in to your Gmail account

Click on the Docs icon

Select New

Choose if you want to start from a blank document or from the many available templates.

You may use Google Docs to create other types of documents via the same process.

2. Making your marketing analysis document: Next is for you to start making the document that will contain the information on the market your business is entering or is already in. Be sure to do the following:

Determine your target audience: It’s ideal for you to know who your target audience is supposed to be. That way, you can guarantee that whatever products and/or services your business offers is something that your customers will want and you’ll know how to find ways to better attract the people you want your business to engage with.

Understand the needs of the market: Customers will always be in need of products and services, but you’ll want to know what those are before you enter the market. It’s entirely possible that there is a type of customer that has yet to be tapped by your competition. You’ll want to do a needs assessment to help you understand if what these customers want is something that your business can provide.

Know your competition: Remember that other rivaling businesses will be the biggest threat you’ll need to deal with. What you’ll want to do is to fully understand the strengths and weaknesses of your competition and place them all into the document. The idea here is to analyze your competitor’s angle to the market in order to find a weakness that your company will be able to take advantage of. You may also borrow their strengths if you think that it will be beneficial to your own business.

Tips for Doing a Market Analysis

Gather as much information as you can: It’s always best to know as much as you can about the market so that you’ll know how to enter and stay in it. You can get the much-needed information from sources such as articles in trade journals, state and local commerce websites, surveys and interviews, etc.

Conduct a market analysis regularly: You’ll always want to stay on top of things if you want your business to be successful. You can choose to look into the market on a monthly basis, but some businesses do it weekly to ensure that they always know what’s going on.

Types of Market Analysis

If you want to learn about the other types of market analysis, then you simply need to go through our site to get the information you want.

Market Analysis FAQs

What if my ideal target audience isn’t in the market I want to enter?

Should that be the case, then you can either find another market or you should consider changing your target audience.

Is there a way to easily create a market analysis document?

The one thing that you can do to make it more convenient on your end is by using a market analysis template. There are many different types available and you can make whatever changes you want to them.